Monday, February 13, 2012

Lunch Thoughts about the STI

I awoke to the news of the Greek resolution and half expected the stock market to be in good action today. But I was wrong. A loss of investor interest still seems to be a spill over from Friday's market action. Here's the market chart last updated on Friday.

If you notice, the trend is very well supported on the diagonal support line and current STI is at 2970 points thereabouts. Very very healthy uptrend trend still. However, in the next few days we might expect more market inactivity (no, the uptrend is still intact) possibly due to profit-taking etc.
RSI seems to be trending downward, breaking trend and moving into more 'safe' region below 70. Expect it to rebound at around 55-60 ish since there's support (dotted blue).
MACD histogram is negative which is also another indication of a pullback/market inactivity. But signal and MACD still in positive region confirming the uptrend is intact.

No comments:

Related Posts Plugin for WordPress, Blogger...